(iv) there is no Tax of the Country of Incorporation or the
 Country of Registration, or any taxing authority of
 either thereof or therein which is imposed in respect of
 any payment to be made by Lessee to Lessor pursuant to
 the Transaction Documents, or is imposed on or by virtue
 of the execution, delivery or performance of the
 Transaction Documents; and

 (v) there is no Tax of the Country of Incorporation or the
 Country of Registration, or any taxing authority of
 either thereof or therein which is imposed in respect of
 any payment to be made to Lessee pursuant to the
 Transaction Documents, or is imposed on any Lender on or
 by virtue of the execution, delivery or performance of
 the Transaction Documents;

 (k) NO DOING BUSINESS: neither Lessor nor Beneficiary is or will
 be deemed to be resident, domiciled or carrying on business in
 The Republic of Panama or be subject to taxation in The
 Republic of Panama by reason only of the execution,
 performance and/or enforcement of any of the Transaction
 Documents;